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Lease Liabilities

6 Months Ended

Jun. 30, 2024

LEASE LIABILITIES

	December 31, 2023			June 30, 2024
	RM			RM			USD
At beginning of year / period		744,959			1,255,340			266,120
Additions		886,093			-			-
Finance cost		30,288			24,327			5,157
Payment		(406,000	)		(375,642	)		(79,632	)
At of end of year / period		1,255,340			904,025			191,645

Future lease payment payable:
- Not later than one year		732,498			664,284			140,823
- More than one year to five years		564,483			280,467			59,456
Total future minimum lease payments		1,296,981			944,751			200,279
Less: Future finance charges		(41,641	)		(40,726	)		(8,634	)
		1,255,340			904,025			191,645

These are office lease contracts for premises with a tenure of 3 years. The obligations under these leases are secured by the lessor's title to the leased assets. In contrast, the Group also has certain leases with lease terms of 12 months or less. The Group applies the "short-term lease" recognition exemptions for these leases.

Details of the carrying amounts of right-of-use assets recognized and the movements during the year are disclosed in Note 7 to the financial statements.

The lease liabilities at the end of the reporting period bear weighted average incremental borrowing rate of 4.31% (2023: 4.31%) per annum.

	December 31, 2023		June 30, 2024
	RM		RM		USD
Depreciation of right-of-use asset		424,837		332,249		70,433
Interest expense on lease liabilities		30,288		24,327		5,157
Lease expense not capitalised in lease liabilities:
-expense relating to short-term lease		232,081		269,160		57,059
Total amount recognised in profit or loss		687,206		625,736		132,649